Asx Stock Earnings Reports

ASX reported a solid FY25 with operating revenue of $1.11bn (up 7%), underlying NPAT up 7.5%, EBITDA margin improving to 62.8% and underlying ROE of 13.6%. The Board declared a fully franked final dividend of $1.121/share (85% payout), taking total FY25 dividends to $2.233/share (up 7.4%). Strong performances were reported across Markets, Technology & Data and Securities & Payments, with notable growth in futures volumes and data/tech revenues. ASX continues a multi-year technology modernization program (including CHESS and Release 15) and is executing an 'Accelerate' program to fast-track operational risk management and resilience uplifts. ASIC has commenced a compliance inquiry, with an expert panel reviewing governance, capability and risk management; ASX is cooperating and expects the panel report by March 2026. ASX expects to incur an additional $25–35m of operating expense in FY26 responding to the inquiry, raising FY26 total expense growth guidance to 14–19% (8–11% excluding inquiry costs). CapEx guidance is narrowed to $170–180m for FY26 and $160–180m for FY27, with an aim to reduce CapEx after FY27. Management reiterated medium-term targets of margin expansion and underlying ROE of 13–14.5%, continued focus on cost optimization (c.$17m annualized savings targeted for FY26), and ongoing product and pricing initiatives (including a new pricing policy for regulated clearing/settlement services targeting an 11.5% return). Key investor risks include potential further costs from the ASIC inquiry/outcomes, elevated technology and licensing spend while major tech projects progress, and competitive/market dynamics in listings and trading volumes.